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Opendoor Technologies Inc.（OPEN）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Sunrun Inc.的季度营收约是Opendoor Technologies Inc.的1.6倍（$1.2B vs $736.0M），Sunrun Inc.净利率更高（8.9% vs -148.9%，领先157.9%），Sunrun Inc.同比增速更快（123.5% vs -32.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -21.1%）
Opendoor Technologies Inc.是一家主营住宅房地产买卖的线上企业，总部位于旧金山。平台可通过线上流程向房主提供房屋即时现金报价，收购房产后进行修缮再重新挂牌出售，同时还提供基于移动端应用的购房服务及配套融资方案，截至2021年11月业务覆盖美国44个区域市场。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
OPEN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.6倍
$736.0M
营收增速更快
RUN
高出155.6%
-32.1%
净利率更高
RUN
高出157.9%
-148.9%
两年增速更快
RUN
近两年复合增速
-21.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $736.0M | $1.2B |
| 净利润 | $-1.1B | $103.6M |
| 毛利率 | 7.7% | — |
| 营业利润率 | -20.4% | 8.4% |
| 净利率 | -148.9% | 8.9% |
| 营收同比 | -32.1% | 123.5% |
| 净利润同比 | -869.9% | 103.7% |
| 每股收益（稀释后） | $-1.42 | $0.38 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收OPENRUN
| Q4 25 | $736.0M | $1.2B | ||
| Q3 25 | $915.0M | $724.6M | ||
| Q2 25 | $1.6B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.4B | $537.2M | ||
| Q2 24 | $1.5B | $523.9M | ||
| Q1 24 | $1.2B | $458.2M |
净利润OPENRUN
| Q4 25 | $-1.1B | $103.6M | ||
| Q3 25 | $-90.0M | $16.6M | ||
| Q2 25 | $-29.0M | $279.8M | ||
| Q1 25 | $-85.0M | $50.0M | ||
| Q4 24 | $-113.0M | $-2.8B | ||
| Q3 24 | $-78.0M | $-83.8M | ||
| Q2 24 | $-92.0M | $139.1M | ||
| Q1 24 | $-109.0M | $-87.8M |
毛利率OPENRUN
| Q4 25 | 7.7% | — | ||
| Q3 25 | 7.2% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 7.6% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 9.7% | — |
营业利润率OPENRUN
| Q4 25 | -20.4% | 8.4% | ||
| Q3 25 | -7.4% | 0.5% | ||
| Q2 25 | -0.8% | -19.7% | ||
| Q1 25 | -4.9% | -22.8% | ||
| Q4 24 | -8.7% | -628.0% | ||
| Q3 24 | -4.9% | -23.8% | ||
| Q2 24 | -4.8% | -24.4% | ||
| Q1 24 | -7.4% | -40.0% |
净利率OPENRUN
| Q4 25 | -148.9% | 8.9% | ||
| Q3 25 | -9.8% | 2.3% | ||
| Q2 25 | -1.9% | 49.1% | ||
| Q1 25 | -7.4% | 9.9% | ||
| Q4 24 | -10.4% | -542.7% | ||
| Q3 24 | -5.7% | -15.6% | ||
| Q2 24 | -6.1% | 26.5% | ||
| Q1 24 | -9.2% | -19.2% |
每股收益（稀释后）OPENRUN
| Q4 25 | $-1.42 | $0.38 | ||
| Q3 25 | $-0.12 | $0.06 | ||
| Q2 25 | $-0.04 | $1.07 | ||
| Q1 25 | $-0.12 | $0.20 | ||
| Q4 24 | $-0.16 | $-12.59 | ||
| Q3 24 | $-0.11 | $-0.37 | ||
| Q2 24 | $-0.13 | $0.55 | ||
| Q1 24 | $-0.16 | $-0.40 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $962.0M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.0B | $3.1B |
| 总资产 | $2.4B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资OPENRUN
| Q4 25 | $962.0M | — | ||
| Q3 25 | $962.0M | — | ||
| Q2 25 | $789.0M | — | ||
| Q1 25 | $559.0M | — | ||
| Q4 24 | $679.0M | — | ||
| Q3 24 | $837.0M | — | ||
| Q2 24 | $809.0M | — | ||
| Q1 24 | $990.0M | — |
总债务OPENRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益OPENRUN
| Q4 25 | $1.0B | $3.1B | ||
| Q3 25 | $811.0M | $3.0B | ||
| Q2 25 | $631.0M | $2.9B | ||
| Q1 25 | $645.0M | $2.6B | ||
| Q4 24 | $713.0M | $2.6B | ||
| Q3 24 | $801.0M | $5.3B | ||
| Q2 24 | $845.0M | $5.4B | ||
| Q1 24 | $899.0M | $5.2B |
总资产OPENRUN
| Q4 25 | $2.4B | $22.6B | ||
| Q3 25 | $2.7B | $22.2B | ||
| Q2 25 | $2.9B | $21.2B | ||
| Q1 25 | $3.3B | $20.4B | ||
| Q4 24 | $3.1B | $19.9B | ||
| Q3 24 | $3.4B | $22.1B | ||
| Q2 24 | $3.4B | $21.4B | ||
| Q1 24 | $3.4B | $20.8B |
负债/权益比OPENRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $70.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $67.0M | — |
| 自由现金流率自由现金流/营收 | 9.1% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.0B | — |
8季度趋势，按日历期对齐
经营现金流OPENRUN
| Q4 25 | $70.0M | $96.9M | ||
| Q3 25 | $435.0M | $-121.5M | ||
| Q2 25 | $823.0M | $-292.7M | ||
| Q1 25 | $-279.0M | $-104.2M | ||
| Q4 24 | $-80.0M | $-258.4M | ||
| Q3 24 | $62.0M | $-156.2M | ||
| Q2 24 | $-399.0M | $-208.5M | ||
| Q1 24 | $-178.0M | $-143.1M |
自由现金流OPENRUN
| Q4 25 | $67.0M | — | ||
| Q3 25 | $432.0M | — | ||
| Q2 25 | $821.0M | — | ||
| Q1 25 | $-283.0M | — | ||
| Q4 24 | $-83.0M | — | ||
| Q3 24 | $56.0M | $-156.4M | ||
| Q2 24 | $-407.0M | — | ||
| Q1 24 | $-186.0M | — |
自由现金流率OPENRUN
| Q4 25 | 9.1% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 52.4% | — | ||
| Q1 25 | -24.5% | — | ||
| Q4 24 | -7.7% | — | ||
| Q3 24 | 4.1% | -29.1% | ||
| Q2 24 | -26.9% | — | ||
| Q1 24 | -15.7% | — |
资本支出强度OPENRUN
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.4% | 0.0% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.7% | — |
现金转化率OPENRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
OPEN
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
